Analyst Highlights $61k Crucial For Bitcoin Bulls

Bitcoin (BTC) has rebounded from its recent low of $53,700, garnering significant attention from analysts and investors alike. Several factors have contributed to Bitcoin’s recent decline.

One of the most notable is The German government The company decided to sell a significant portion of its Bitcoin holdings, a move that caused a large influx of Bitcoin into the market, increasing selling pressure and contributing to an overall market decline.

Moreover, the looming settlement with creditors of the now-bankrupt bank has further added to market uncertainty. Mount Gox ExchangeThese settlements are expected to dump large amounts of BTC back into the market, further increasing supply and potentially causing prices to fall.

At the time of writing, BTC is trading at $58,102, with 24-hour trading volume roughly backing the asset’s value of $75.03 billion. The market cap sits at a respectable $1.14 trillion. This represents a price increase of 3.14% in the past 24 hours.

Analyst highlights $61,000 resistance as key for Bitcoin bulls

In response to the recent market turmoil, prominent cryptocurrency analyst Titan Of Crypto Shining a light Regarding the potential formation of a local bottom for Bitcoin. According to Titan Of Crypto, BTC may have just undergone a capitulation marked by a notable liquidation event reminiscent of the FTX incident. From this observation, the analyst believes that a local bottom for BTC may be forming.

Adding to these observations, analyst Captain Fijbick said: His take On the current state of Bitcoin, he noted that although BTC appears to have bottomed out, it is not completely safe. To regain bullish momentum, BTC bulls need to break out of the $61,000 resistance area.

To support these predictions, Changelly’s latest BTC Price Prediction I’m optimistic. According to Changelly, Bitcoin’s value could rise by 15.34% and reach $65,579 by July 8, 2024.

Despite this optimistic forecast, Changelly’s technical indicators highlight mixed market sentiment, with the bearish-bullish sentiment ratio at 28%. Additionally, the Fear and Greed Index is currently showing a score of 26, indicating widespread fear among investors.

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